Waterjet Cutting Machines Market to Garner $1.98 Bn, Globally, by 2030 at 6.1% CAGR: Allied Market Research
Drivers, restraints, and opportunities
Rise in automation in the industrial sector and surge in acceptance of high-pressure water cutting in a variety of applications have boosted the growth of global waterjet cutting machines market. However, the high cost of ownership and concerns regarding water conservation hindered the market. On the contrary, technological improvements such as adoption of high-speed and high-pressure waterjet machines would open new opportunities for the market players.
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Covid-19 scenario:
The abrasive waterjet cutting machines segment dominated the market
By type, the abrasive waterjet cutting machines segment held the lion's share in 2020, accounting for more than four-fifths of the global waterjet cutting machines market. In addition, the segment is projected to portray the highest CAGR of 6.4% during the forecast period, due to their use to cut hard materials such as stone, glass, concrete, and metals. The report also includes an analysis of non-abrasive waterjet cutting machines segment.
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The electronics segment to register the highest CAGR through 2031
By application, the electronics segment is anticipated is estimated to register the highest CAGR of 8.1% from 2022 to 2031. However, the automotive segment held the lion's share in 2020, contributing to more than two-fifths of the global waterjet cutting machines market, as these machines are used in production of metal gaskets for antique automobiles, brake disks, clutch, and other components.
Asia-Pacific, followed by North America, held the lion's share
By region, the global waterjet cutting machines market across Asia-Pacific, followed by North America, held the largest share in 2020, accounting for nearly half of the market. In addition, the region is anticipated to register the highest CAGR of 6.9% during the forecast period, due to rise in applications of waterjet cutting technology in sectors including food & beverage, healthcare, and automotive.
Key market players
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